REG - HSBC Holdings PLC - Director/PDMR Shareholding
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RNS Number : 2321W HSBC Holdings PLC 11 March 2026
HSBC HOLDINGS PLC
11 March 2026
Notification of Transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
The transactions in ordinary shares of US$0.50 each ("Shares") in HSBC
Holdings plc (the "Company") detailed below took place on 9 March 2026.
The awards made to Executive Directors disclosed in this announcement are the
same awards disclosed in the separate Grant of Conditional Awards announcement
released on 11 March 2026 pursuant to Rules 17.06A, 17.06B and 17.06C of the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited.
1. Long Term Incentive Awards
Long term incentive awards ("LTI awards") were made to the PDMRs named below,
as part of variable pay for the performance year ended 31 December 2025. An
LTI award is an award of Shares in the Company, with a three-year
forward-looking performance period commencing on 1 January 2026 and ending on
31 December 2028.
At the end of this performance period, the number of Shares that vest will be
determined based upon an assessment by the Group Remuneration Committee of
performance against financial and non-financial measures in the LTI scorecard,
as detailed in the Directors' Remuneration Report in the Annual Report and
Accounts 2025. Subject to that assessment, shares for Executive Directors will
vest in five equal annual instalments commencing from March 2029, with a
one-year retention period following vesting. Shares for Other PDMRs will vest
in two tranches, 75% in March 2029 and 25% in March 2030.
The LTI awards were made in London and are based upon the average closing
Share price on the London Stock Exchange on the five days starting 2 March
2026 which is £12.82.
Executive Directors
Name Shares awarded
Georges Elhedery 702,028
Pam Kaur 409,516
Other PDMRs
Name Shares awarded
Richard Blackburn 42,121
David Liao 52,892
Barry O'Byrne 56,913
Stuart Riley 90,678
Michael Roberts 90,459
Surendra Rosha 54,573
Suzanna White 37,441
2. Annual Incentive Awards
Awards of (i) immediately vested and (ii) deferred Shares were made under the
HSBC Share Plan 2011. These awards relate to the performance year ended 31
December 2025 and comprise part of the Group's annual incentive arrangements.
The awards were determined by assessing performance during the year against
financial and non-financial metrics. For Executive Directors who served during
the year ended 31 December 2025, the performance assessment is detailed in the
Directors' Remuneration Report in the Annual Report and Accounts 2025.
Awards were made in London and are based upon the average closing Share price
on the London Stock Exchange on the five days starting on 2 March 2026 which
is £12.82.
(i) Immediately vested awards
Name Shares awarded Shares sold in respect of Income Tax and Social Security liabilities at Net shares vested
£12.439566 per share
Georges Elhedery 140,600 66,082 74,518
Pam Kaur 81,903 38,495 43,408
Richard Blackburn 39,625 18,624 21,001
David Liao 57,196 9,152 48,044
Barry O'Byrne 63,397 10,144 53,253
Stuart Riley 100,039 47,019 53,020
Michael Roberts 95,174 48,587 46,587
Surendra Rosha 59,773 9,564 50,209
Suzanna White 32,449 15,110 17,339
Upon vesting, a 12-month retention period applies.
(ii) Deferred awards
Awards vest in four equal annual tranches commencing in March 2027.
Name Shares awarded
Richard Blackburn 17,316
David Liao 32,901
Barry O'Byrne 38,183
Stuart Riley 59,379
Michael Roberts 52,303
Surendra Rosha 35,086
Suzanna White 11,232
The following disclosures are made in accordance with the UK version of the EU
Market Abuse Regulation 596/2014.
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Georges Elhedery
2 - Reason for the notification
Position/status Group Chief Executive
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 8 £
4 1
2 0
, ,
6 8
2 0
8 2
,
4
9
0
.
9
6
Aggregated £12.82 8 £
4 1
2 0
, ,
6 8
2 0
8 2
,
4
9
0
.
9
6
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 6 £
6 8
, 2
0 2
8 ,
2 0
3
1
.
4
0
Aggregated £12.44 6 £
6 8
, 2
0 2
8 ,
2 0
3
1
.
4
0
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Pam Kaur
2 - Reason for the notification
Position/status Group Chief Financial Officer
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 4 £
9 6
1 ,
, 2
4 9
1 9
9 ,
9
9
1
.
5
8
Aggregated £12.82 4 £
9 6
1 ,
, 2
4 9
1 9
9 ,
9
9
1
.
5
8
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 3 £
8 4
, 7
4 8
9 ,
5 8
6
1
.
0
9
Aggregated £12.44 3 £
8 4
, 7
4 8
9 ,
5 8
6
1
.
0
9
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Richard Blackburn
2 - Reason for the notification
Position/status Group Chief Risk and Compliance Officer
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 9 £
9 1
, ,
0 2
6 6
2 9
,
9
7
4
.
8
4
Aggregated £12.82 9 £
9 1
, ,
0 2
6 6
2 9
,
9
7
4
,
.
8
4
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 1 £
8 2
, 3
6 1
2 ,
4 6
7
4
.
4
8
Aggregated £12.44 1 £
8 2
, 3
6 1
2 ,
4 6
7
4
.
4
8
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person David Liao
2 - Reason for the notification
Position/status Co-Chief Executive, Asia and Middle East
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 142,989 £1
,8
33
,1
18
.9
8
Aggregated £12.82 142,989 £1
,8
33
,1
18
.9
8
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 9,152 £1
13
,8
46
.9
1
Aggregated £12.44 9,152 £1
13
,8
46
.9
1
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Barry O'Byrne
2 - Reason for the notification
Position/status CEO, International Wealth and Premier Banking
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 1 £
5 2
8 ,
, 0
4 3
9 1
3 ,
8
8
0
.
2
6
Aggregated £12.82 1 £
5 2
8 ,
, 0
4 3
9 1
3 ,
8
8
0
.
2
6
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 1 £
0 1
, 2
1 6
4 ,
4 1
8
6
.
9
6
Aggregated £12.44 1 £
0 1
, 2
1 6
4 ,
4 1
8
6
.
9
6
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Stuart Riley
2 - Reason for the notification
Position/status Group Chief Information Officer
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 2 £
5 3
0 ,
, 2
0 0
9 6
6 ,
2
3
0
.
7
2
Aggregated £12.82 2 £
5 3
0 ,
, 2
0 0
9 6
6 ,
2
3
0
.
7
2
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 4 £
7 5
, 8
0 4
1 ,
9 8
9
5
.
9
5
Aggregated £12.44 4 £
7 5
, 8
0 4
1 ,
9 8
9
5
.
9
5
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Michael Roberts
2 - Reason for the notification
Position/status CEO, HSBC Bank plc and CEO, Corporate and Institutional Banking
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 2 £
3 3
7 ,
, 0
9 5
3 0
6 ,
3
3
9
.
5
2
Aggregated £12.82 2 £
3 3
7 ,
, 0
9 5
3 0
6 ,
3
3
9
.
5
2
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 4 £
8 6
, 0
5 4
8 ,
7 4
0
1
.
1
9
Aggregated £12.44 4 £
8 6
, 0
5 4
8 ,
7 4
0
1
.
1
9
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Surendra Rosha
2 - Reason for the notification
Position/status Co-Chief Executive, Asia and Middle East
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 1 £
4 1
9 ,
, 9
4 1
3 5
2 ,
7
1
8
.
2
4
Aggregated £12.82 1 £
4 1
9 ,
, 9
4 1
3 5
2 ,
7
1
8
.
2
4
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 9 £
, 1
5 1
6 8
4 ,
9
7
2
.
0
1
Aggregated £12.44 9 £
, 1
5 1
6 8
4 ,
9
7
2
.
0
1
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Suzanna White
2 - Reason for the notification
Position/status Group Chief Operating Officer
Initial notification/amendment Initial Notification
3 - Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Full name of the entity HSBC Holdings plc
Legal Entity Identifier code MLU0ZO3ML4LN2LL2TL39
4 - Details of the transaction(s)
Transaction(s) summary table
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Acquisitions under the HSBC Share Plan 2011
£12.82 8 £
1 1
, ,
1 0
2 3
2 9
,
9
8
4
.
0
4
Aggregated £12.82 8 £
1 1
, ,
1 0
2 3
2 9
,
9
8
4
.
0
4
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-09 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.44 1 £
5 1
, 8
1 7
1 ,
0 9
6
1
.
8
4
Aggregated £12.44 1 £
5 1
, 8
1 7
1 ,
0 9
6
1
.
8
4
For any queries related to this notification, please contact:
Lee Davis
Corporate Governance & Secretariat
shareholderquestions@hsbc.com
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